New JPS can be offered with dividends turned on while old JPS would get nothing until buffer capital threshold was met.

Expecting more than 200% dilution in commons is not happening. It is even written in black and white on the warrant plan that FnF will need to make every effort to be listed on a national or regional exchange.

JPS is not the center of the FnF universe, especially given Sweeney went quite deep into why direct claims by JPS have no merit. Enough for other fed judges to reference for consistency = no JPS leverage with Treasury and FHFA. Careful ...